Yahoo shelves plan to spin off Alibaba stake

December 9, 2015 1:57 PM

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Yahoo Inc said on Wednesday it had shelved plans to spin off its stake in Chinese e-commerce giant Alibaba Group Holding Ltd, citing tax concerns, and will instead create a separate company to hold the rest of its assets.

The new publicly traded company will house Yahoo's Internet business and its 35 percent stake in Yahoo Japan, giving investors a clearer view of the company's core business.